The key variables for U.S. stocks over the past couple of days boil down to three things: 1) Interest rates: The January FOMC kept the federal funds rate target range at 3.5%-3.75%. The market is still waiting to see if 'inflation cools down enough.' 2) Inflation: The latest CPI from BLS shows January's monthly data is still climbing (around 0.3%-0.4%), meaning the 'immediate sharp rate cut' scenario is shaky. 3) Policy shocks: After the Supreme Court struck down part of the tariffs, the market breathed a sigh of relief; but then came a new 'global unified tax rate' proposal, essentially swapping one uncertainty for another, keeping risk appetite suppressed. In terms of trading, I’m focusing on two main themes: AI theme: Meta expanding AI infrastructure → Nvidia and similar computing power chains remain the 'most favored certainty' for capital. Defensive theme: If tariffs/policies keep fluctuating, cash flow-stable, pricing-power-strong leaders are more resilient. Want to use USDT to directly buy U.S. stocks and cut down on fees? Maitong MSX | Use USDT to buy U.S. stocks with a 20% fee discount: https://(msx.com)/?code=1KSn77